HUT 8 MINING CORP.

1 HUT 8 MINING CORP. Unaudited interim condensed consolidated Financial Statements (In Canadian dollars). For the three and nine months ended September 30, 2021. HUT 8 MINING CORP. Unaudited interim condensed consolidated Statements of Financial Position (In Canadian dollars). September 30, December 31, As at Note 2021 2020. Assets Current assets Cash $ 223,225,032 $ 2,815,939. Accounts receivable and other 95,984 451,061. Digital assets - held in custody 4 152,244,005 75,505,472. Dgitial assets - lending arrangements 4, 5 111,588,000 - Digital assets - pledged as collateral 4 - 26,456,199. Deposits and prepaid expenses 3 3,673,851 92,014. 490,826,872 105,320,685. Non-current assets Plant and equipment 6 53,116,912 32,522,602. Deposits and prepaid expenses 3 107,263,461 7,359,046. Total assets $ 651,207,245 $ 145,202,333. Liabilities and shareholders' equity Current liabilities Accounts payable and accrued liabilities 7 $ 11,554,998 $ 3,890,512.

2 Loans payable and other liabilities 8 10,335,148 25,756,942. 21,890,146 29,647,454. Total liabilities 21,890,146 29,647,454. Shareholders' equity Share capital 9 560,396,059 178,231,290. Shares to be issued - 398,317. Warrants 9 44,338,026 2,559,484. Contributed surplus 9 9,308,025 4,233,917. Accumulated deficit (77,081,015) (115,549,069). AOCI - Unrealized gain on bitcoin revaluation 92,356,004 45,680,940. Total shareholder's equity 629,317,099 115,554,879. Total liabilities and shareholders' equity $ 651,207,245 $ 145,202,333. Nature of operations (Note 1). Approved on behalf of the Board: Jaime Leverton Joseph Flinn . Director & Chief Executive Officer Director 1. HUT 8 MINING CORP. Unaudited interim condensed consolidated Statements of Operations and Comprehensive Income (Loss). (In Canadian dollars). Three Months Ended Nine Months Ended For the periods ended September 30 Note 2021 2020 2021 2020. Revenue 13 $ 50,340,678 $ 5,754,732 $ 115,872,534 $ 27,724,292.

3 Cost of revenue 14 (21,233,190) (11,086,138) (57,641,514) (45,286,763). Gross profit (loss) 29,107,488 (5,331,406) 58,231,020 (17,562,471). General and administrative expenses 15 (10,836,212) (1,285,974) (26,171,464) (3,560,352). Gain on disposition of digital assets 4 - 198,369 182,213 1,800,984. Revaluation of digital assets - 5,577,854 - 13,713,962. Operating income (loss) 18,271,276 (841,157) 32,241,769 (5,607,877). Foreign exchange gain (loss) (758,582) 508,606 (1,401,976) (772,714). Finance expense (579,151) (569,620) (949,042) (1,916,313). Finance income 764,888 1,833 2,121,854 6,959. Net income (loss) before tax 17,698,431 (900,338) 32,012,605 (8,289,945). Deferred income tax recovery (expense) 5,675,795 - 6,455,449 - Net income (loss) $ 23,374,226 $ (900,338) $ 38,468,054 $ (8,289,945). Other comprehensive income (loss). Items that will not be reclassified to net income Revaluation gain (loss) on digital assets, net of tax 4 44,140,565 - 46,675,064 - Total comprehensive income (loss) $ 67,514,791 $ (900,338) $ 85,143,118 $ (8,289,945).

4 Net income (loss) per share: Basic $ $ ( ) $ $ ( ). Diluted $ $ ( ) $ $ ( ). Weighted average number of shares outstanding: Basic 146,491,754 96,732,232 127,798,882 92,243,948. Diluted 156,041,887 97,048,899 137,349,015 92,560,615. 2. HUT 8 MINING CORP. Unaudited interim condensed consolidated Statements of Cash Flows (In Canadian dollars). Nine Months Ended For the periods ended September 30 2021 2020. Cash provided by (used in): Operating activities: Net income (loss) $ 38,468,054 $ (8,289,945). Change in non-cash operating items: Digital assets mined (109,848,669) (27,233,929). Digital assets converted to fiat currency 1,291,060 29,030,097. Depreciation 13,972,268 17,512,599. Gain on sale of digital assets (182,213) (1,800,984). Revaluation of digital assets - (13,713,962). Share based payments 7,325,365 (479,892). Income tax recovery (6,455,449) - Net finance expense and other (1,172,812) (620,002). Foreign exchange loss 1,401,976 772,714.

5 Accretion expense on lease obligations 18,790 19,556. (55,181,630) (4,803,748). Net change in working capital 2,545,294 3,618,057. Net cash used in operating activities (52,636,336) (1,185,691). Investing activities Purchase of MINING equipment and infrastructure (34,075,296) (3,779,746). Deposits and prepaid expenses (99,904,415) (1,672,691). Net cash provided by (used in) investing activities (133,979,711) (5,452,437). Financing activities Repayment of loan payable (25,372,000) (6,622,303). Finance draw from loan payable - 6,615,500. Finance draws from equipment financing 18,068,955 - Repayment of equipment financing (8,859,133) - Proceeds from issuance of common shares, net of issuance costs 388,169,230 7,719,620. Proceeds from exercise of warrants and options 33,853,061 900. Finance income received 2,025,872 6,959. Finance expense paid (812,807) (1,742,464). Recovery (repayment) of lease obligations (48,038) (26,150). Net cash provided by financing activities 407,025,140 5,952,062.

6 Increase in cash 220,409,093 (686,066). Cash, beginning of period 2,815,939 2,946,017. Cash, end of period $ 223,225,032 $ 2,259,951. Significant non-cash transactions for the nine months ended September 30, 2021 include: Derecognition of broker warrants upon expiry of $nil (2020 - $1,367,901);. Settlement of Accounts Payable in common shares valued at $398,317 (2020 - $nil);. Loan payable issued for purchase of MINING equipment $18,068,955 (2020 - $nil). 3. HUT 8 MINING CORP. Unaudited interim condensed consolidated Statement of Changes in Shareholders' Equity (In Canadian dollars). Accumulated other Number of Shares to be Contributed Accumulated comprehensive For the nine months ended shares Share capital issued Warrants surplus deficit income Total Balance, December 31, 2020 97,245,223 $ 178,231,290 $ 398,317 $ 2,559,484 $ 4,233,917 $ (115,549,069) $ 45,680,940 $ 115,554,879. Net income - - - - - 38,468,054 - 38,468,054.

7 Other comprehensive income - - - - - - 46,675,064 46,675,064. Comprehensive income - - - - - 38,468,054 46,675,064 85,143,118. Other equity movements Shares issued for equity raises 58,682,500 337,772,634 - 50,396,596 - - - 388,169,230. Shares issued on vesting of RSU 317,313 985,854 - - (985,854) - - - Shares issued on vesting of DSU 42,500 52,698 - - (52,698) - - - Shares issued on exercise of options 170,639 1,206,681 - - (484,151) - - 722,530. Shares issued on exercise of warrants 7,538,522 41,748,585 - (8,618,054) - - - 33,130,531. Shares issued on settlement of accounts payable 380,000 398,317 (398,317) - - - - - Share based payments - - - - 7,325,367 - - 7,325,367. Share based payments withholding - - - - (728,556) - - (728,556). Balance, September 30, 2021 164,376,697 $ 560,396,059 $ - $ 44,338,026 $ 9,308,025 $ (77,081,015) $ 92,356,004 $ 629,317,099. Accumulated other Number of Shares to be Contributed Accumulated comprehensive For the nine months ended shares Share capital issued Warrants surplus deficit income Total Balance, December 31, 2019 90,438,009 $ 170,622,599 $ - $ 1,367,901 $ 5,300,480 $ (134,589,223) $ - $ 42,701,757.

8 Net loss - - - - - (8,289,945) - (8,289,945). Other comprehensive income - - - - - - - - Comprehensive income - - - - - (8,289,945) - (8,289,945). Other equity movements Shares issued for equity raises 5,750,456 4,731,090 - 2,763,530 - - - 7,494,620. Shares issued on exercise of RSU 543,359 1,804,260 - - (1,804,260) - - - Shares issued on exercise of warrants 500 900 - (229) 229 - - 900. Share based payments - - - - (479,892) - - (479,892). Share based payments withholding - - - - (68,668) - - (68,668). Expiry of broker warrants - - - (1,367,901) 1,367,901 - - - Loss on retirement of Bitfury debt - - - - (245,922) - - (245,922). Balance, September 30, 2020 96,732,324 $ 177,158,849 $ - $ 2,763,301 $ 4,069,868 $ (142,879,168) $ - $ 41,112,850. 4. HUT 8 MINING CORP. Notes to the Unaudited interim condensed consolidated Financial Statements (In Canadian dollars). 1. NATURE OF OPERATIONS. Hut 8 MINING Corp. (the Company or Hut 8 ) was incorporated under the laws of the Province of British Columbia on June 9, 2011.

9 The registered office of the Company is located at Suite 2400, 745 Thurlow Street, Vancouver, BC, Canada V6E 0C5 and the headquarters are located at 24 Duncan St., Suite 500, Toronto, ON, Canada, M5V. 2B8. The Company's common shares are listed under the symbol HUT on the Toronto Stock Exchange and The Nasdaq Global Select Market. The Company is in the business of (i) utilizing specialized equipment to solve complex computational problems to validate transactions on the Bitcoin blockchain and receive Bitcoin in return for successful service and (ii) providing hosting services to institutional clients, for which services the Company receives monthly fees. 2. STATEMENT OF COMPLIANCE AND BASIS OF PRESENTATION. (a) Statement of compliance These unaudited interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34, interim Financial Reporting. Certain information and note disclosures normally included in the audited annual consolidated financial statements prepared in accordance with International Financial Reporting Standards ( IFRS ), as issued by the International Accounting Standards Board ( IASB ), have been omitted or condensed .

10 These interim condensed consolidated financial statements should be read in conjunction with the Company's December 31, 2020 audited annual consolidated financial statements. These unaudited interim condensed consolidated financial statements were approved and authorized for issuance by the Board of Directors on November 10, 2021. (b) Basis of presentation and consolidation These unaudited interim condensed consolidated financial statements have been prepared on a historical cost basis except for some financial instruments that have been measured at fair value. All amounts are presented in Canadian Dollars ( CAD ), unless otherwise stated. These unaudited interim condensed consolidated financial statements include the financial statements of the Company and all entities in which the Company has a controlling interest. All significant intercompany transactions, balances, income and expenses are eliminated on consolidation. Certain comparative figures have been restated where necessary to conform with current period presentation.